Mazhar Mohammad of Chartviewindia.in said Nifty50 seems to be moving sideways and is drawing support from its 20-day exponential moving average that stands at 14,957, as it bounced back after testing the said average in four out of last five sessions to Friday.
“A close below the 14,950 level can accelerate the selling pressure with initial targets placed around 14,680 level and beyond that a retest of the recent low placed at 14,467 can’t be ruled out. Contrary to this, if Nifty sustains above the 15,000 mark on Monday, it can help the bulls bounce back towards the 15,250 mark. Upsides shall ideally remain capped around the 15,300 mark,” he said.
For the day, Nifty closed at 15,030 level, down 143.85 points or 0.95 per cent.
“The index is now contained within a narrow range in the 14,850-15,270 zone. A break of the said range on either side will dictate the trend in the short term. However, on a larger picture, the market still remains deviated on the upside and a break below the recent low of 14,470 will trigger short-term weakness. Until then, traders can maintain a neutral to negative outlook,” said Nirali Shah of Samco Securities.
Sameet Chavan of Angel Broking said the overall undertone has remained bullish, but the momentum is clearly lacking on all the key indices.
“As far as Nifty level is concerned, the 15,220-15,275 range is the immediate hurdle. If the index has to gain momentum, it needs to surpass this range. On the flipside, the 15,100 and 14,925 levels should be to watched. We are still a bit sceptical as far as the near-term view goes, and hence, advise traders to avoid aggressive bets,” Chavan said.
